To round off our wellbeing blog series, we will be looking at different areas where an employee wellbeing strategy can support employees, and which may be especially relevant now. While the first blog in our series looked at structuring a wellbeing strategy to ensure that it is appropriate for the employee demographic, and delivered effectively, here we will look at how various elements come together to support overall wellbeing in 2023.
2022 has proven to be a particularly challenging year on many fronts, especially emotionally and financially for many people. Ongoing impacts of the pandemic have resulted in bigger expectations that employers will support all aspects of wellbeing, as many people have felt a greater need for overall support. More recently, the cost-of-living crisis has created added financial pressures. So as we approach 2023 (with January statistically being a particularly challenging month), it is important that employee benefits are best set up to provide relevant, effective support.
Financial wellbeing
Financial wellbeing has been in the spotlight this year. As we see living costs rising, employees may be under added financial stress or encountering money-related difficulties that they haven’t faced before. Beyond workplace pensions savings, there are many other ways that employers can support financial wellbeing. Providing your employees with access to information on debt management, budgeting and savings, from organisations as MoneyHelper, can make a big difference. Having a clearer understanding and greater sense of confidence managing money can be crucial: a lack of financial education can be a barrier for many, especially for younger employees with less experience managing finances. Financial wellbeing benefits such as offers, discounts and travel insurance can assist with monthly budgeting, while access to workplace savings schemes such as ISAs can help employees build long-term financial stability.
Healthcare
There has also been a bigger focus on private medical benefits this year, in light of challenges accessing NHS services. Our recent blogs on dental care and digital GP services provide more information on employer-backed private medical schemes. These can improve the efficiency with which employees can access medical services, reducing long-term health problems and their impacts on overall wellbeing. This may be a time when employers wish to reassess their group insurance policies, or highlight the existing services available to encourage greater engagement.
Maintaining physical and mental wellbeing
As always, good mental and physical health are both vital when it comes to overall wellbeing. To help their employees in maintaining this, employers can provide a combination of tools assisting day-to-day good health, as well as support services when needed. Your group insurers can provide access to fitness and nutrition apps, mental health apps, EAPs, webinar events and other materials to support wellbeing. Our earlier blogs on combating stress and mental health in the workplace provide insights on the correlation between mental and physical health, and how benefits of this nature can be integrated into your employee wellbeing strategy.
An effective benefits strategy will have elements that work together to support employees’ overall wellbeing. Looking towards 2023, employers can assess their employee benefits strategies to ensure that a holistic, cohesive approach is being taken. Employers may wish to reassess some elements of their benefits to ensure that they are relevant to employees’ needs, with financial wellbeing and healthcare-related benefits having received more attention this year. Responding to these changing needs can ensure that organisations are set up for success as we head into the new year.